US Internet vs the S&P 500 (FDN): is it outperforming?
Over the past month, FDN has outperformed the S&P 500 by 0.2 points. Here is where that puts it in the sector rotation — updated daily.
Where FDN sits on the rotation map
US Internet highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
FDN vs SPY: head-to-head returns
FDN (us internet) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means FDN won that window.
Data as of 2026-07-23 · computed from daily adjusted closes · how we measure
The read
US Internet (FDN) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 5.4 points, but over the past month it has moved narrowly ahead of the market — a 0.2-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #70 of the 115 groups Zensei tracks.
On the shorter tape, FDN's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. FDN's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via First Trust Dow Jones Internet Index Fund, whose 42 tracked holdings are led by META PLATFORMS INC CLASS A, AMAZON.COM INC and CISCO SYSTEMS INC. Weighted by portfolio, the fund's holdings trade at roughly 65.4× earnings and 9.5× sales. The thing to watch from here is confirmation: improving groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
What's inside FDN
Top 5 of 42 tracked holdings, by portfolio weight.
US Internet vs the market — common questions
Is us internet outperforming the S&P 500?
Right now, yes: over the past month FDN has outperformed the S&P 500 by 0.2 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is FDN?
FDN is First Trust Dow Jones Internet Index Fund, the fund Zensei uses to measure the us internet group against the S&P 500 benchmark (SPY).
Which stocks are in FDN?
FDN's largest tracked positions are META PLATFORMS INC CLASS A, AMAZON.COM INC, CISCO SYSTEMS INC, ALPHABET INC CLASS A, ARISTA NETWORKS INC — 42 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is us internet in right now?
As of the latest daily data, us internet is in the improving quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track us internet against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.